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Years of Experience
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States Covered
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of dollars returned to physicians
Southwest IPRO was founded in 1988 with the following concept in mind: That 25% of doctors account for 80% of the cost of liability claims, settlements, and jury awards.
We knew that if we eliminated the problematic 25%, that with care, risk management, some common sense and a bit of self-policing, the profits that national companies were making on us could be retained by us in our own company, and we could pay less premium as an added benefit, and return premium to doctors after retirement.
What is a captive insurance company?
– There are several definitions of a captive.
– The term “Captive” is used generally to describe an insurance company that insures the risks of its owners who are not in the business of insurance.
– In its purest applications, it is a means of self insurance; but the reality is that many captives buy reinsurance and lay off a portion of their risk.
Why is the company called Southwest IPRO?
Two successful captive insurance companies merged to form this formidable company, Southwest and IPRO.
Why is your company located in the Cayman Islands?
The company was set up in 1988 as a profit-making corporation for the benefit of insured doctors. Insurance companies set up in the Cayman Islands do not have the regulatory expenses of domestic companies. There is no corporate taxation, companies need not have brick and mortar locations, or highly paid C.E.O.s
The Cayman Islands and Bermuda have the infrastructure to regulate and certify Captive Insurance. Northwestern memorial Hospital, Mass General Hospital, and a host of other large and small entities have their captives on these islands. The Cayman Islands licenses over 600 captive insurance companies.
More than half of the 600 Cayman Islands’ captives relate to healthcare, and medical malpractice liability continues to be the primary line of business, with approximately 32 percent of companies.
What about tail coverage?
A reporting endorsement (tail cover) is free after retirement.
What are your premiums like?
Southwest IPRO premiums can be slightly lower, or slightly higher than premiums from domestic companies. Since the inception of Southwest IPRO, the company has never raised premiums.
What are my guarantees that premiums will not be raised?
The company is 32 years old, and has never raised any insured’s premium. It is company policy that premiums are not adjusted upward, only downward if warranted.
What can I expect after retirement?
Return of premium to members has run between 40 and 60 percent of everything paid in, depending on case activity, and investment returns.
Who do you insure ?
All physicians are eligible. We have ENT, Plastic Surgeons, Orthopedic Surgeons, Oral Surgeons, General Surgeons, Vascular Surgeons, Internal Medicine, and others.